Keppel Corp extends closing date for Keppel Land offer (Amended)

Keppel Corp on Thursday evening said the closing date for its Keppel Land takeover and the convertible bonds offer will be extended from March 26, 5.30 pm to March 31, 5.30 pm.

This will be the final closing date.

"The offeror has no intention of extending the offer and the convertible bonds offer beyond 5.30 pm (Singapore time) on the final closing date.

"Accordingly, notice is hereby given that the offer and the convertible bonds offer will not be open for acceptance beyond 5.30 p.m. (Singapore time) on the final closing date.

"Acceptances received after 5.30 p.m. (Singapore time) on the final closing date will be rejected," Keppel Corp said.

As at 5pm on Wednesday, Keppel Corp owned, controlled, has acquired or agreed to acquire 90.9 per cent of Keppel Land's issued shares - crossing the 90 per cent threshold required to delist Keppel Land.

But because the offer has now been extended, Keppel Land will resume trading on Friday.

On Thursday's stockmarket, Keppel Land ended at S$4.53, down two cents. Keppel Corp added 11 cents to end at S$9.05.

The conglomerate is offering a two-tier price for Keppel Land shares it does not already own - a base price of S$4.38 apiece and S$4.60 if it reaches the compulsory acquisition threshold of 95.5 per cent.

On the bonds side, Keppel Corp will pay S$65,174.40 for every S$100,000 of convertible bonds based on the base offer price.

Beyond the 95.5 per cent threshold, it will pay S$68,448.00.

An earlier version of this article said Keppel Land will suspend trading of its shares after Thursday. This is inaccurate. Because the offer has now been extended, Keppel Land will resume trading on Friday. We are sorry for the error.